Michael Blackson loses school support funds to Ghana's Eurobond haircuts

Ghanaian

Comedian Michael Blackson shared how his school's financial support was impacted after he invested in Ghana's Eurobonds, resulting in unexpected losses.

In an interview, Blackson explained his intention to secure his school's future through high-interest Ghanaian bonds, aiming to use the returns for perpetual school management. Despite warnings from American bankers about risks associated with investing in a developing country,

Read full articleBlackson was confident in Ghana's stability.

However, the Eurobond haircut in 2023 led to substantial reductions in bond values, causing Blackson to lose the expected returns on his investment. Determined to keep the school operational, he is now exploring nonprofit support and planning fundraising events in the United States.

Ghana's debt restructuring initiative aimed to alleviate external debt by reducing Eurobond principals and forgiving interest payments, aligning with IMF conditions to aid with Balance of Payments. This strategy, despite facing potential creditor resistance, was part of Ghana's economic relief plan to manage financial strain on reserves and currency.